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At Capitagreen CapitaLand Commercial Trust Singapore’s First Commercial REIT Proposed Acquisition of CapitaGreen Acquiring 60.0% interest in MSO Trust units Monday, 23 May 2016 1 Disclaimer The past performance of CCT is not indicative of the future performance of CCT. Similarly, the past performance of CapitaLand Commercial Trust Management Limited, the manager of CCT, is not indicative of the future performance of the Manager. The value of units in CCT (CCT Units) and the income derived from them may fall as well as rise. The CCT Units are not obligations of, deposits in, or guaranteed by, the CCT Manager. An investment in the CCT Units is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request that the CCT Manager redeem or purchase their CCT Units while the CCT Units are listed. It is intended that holders of the CCT Units may only deal in their CCT Units through trading on Singapore Exchange Securities Trading Limited (SGX-ST). Listing of the CCT Units on the SGX-ST does not guarantee a liquid market for the CCT Units. This presentation may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward- looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from other developments or companies, shifts in expected levels of occupancy rate, property rental income, charge out collections, changes in operating expenses (including employee wages, benefits and training costs), governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of the CCT Manager on future events. 2 Proposed acquisition of CapitaGreen May 2016 Contents Slide No. 1. Overview 04 2. Highlights of CapitaGreen 08 3. Call Option Conditions and Proposed Funding 15 4. Benefits to Unitholders 23 5. Next Steps 32 *Any discrepancies in the tables and charts between the listed figures and totals thereof are due to rounding. 3 Proposed acquisition of CapitaGreen May 2016 Overview CapitaGreen, Singapore 4 Overview CCT presently owns 40.0% interest in MSO Trust which holds CapitaGreen Holds call option to acquire remaining 60.0% interest from joint venture partners: • CapitaLand (50.0%); and • Mitsubishi Estate Asia (10.0%) Two key conditions to be met in order to exercise call option to acquire 60.0% of units in MSO Trust: Market valuation must be equal to or above hurdle price Proposed acquisition of 50.0% interest from CapitaLand is subject to CCT Unitholders’ approval (1) Note: (1) Given that the proposed acquisition involves a transaction with an associate of CapitaLand, CapitaLand has to abstain from voting on the proposed resolution. 5 Proposed acquisition of CapitaGreen May 2016 Transformation of Market Street Car Park into CapitaGreen, a premium Grade A office tower July 2011 Dec 2014 May 2016 Regulatory10.0% CapitaGreen Proposed acquisition of development limit developed at total remaining 60.0% interest in capped CCT‘s cost of S$1.3 bil(1) and MSO Trust by exercising call ownership to 40.0%; obtained temporary option formed JV with occupation permit on CapitaLand and MEA 18 Dec 2014 Acquisition price to be at market valuation S$56 mil Market Street Car Park redeveloped under MSO Trust Note: (1) Total development cost included a differential premium and other land related costs of S$651.5 million 6 paid to the government authorities. Proposed acquisition of CapitaGreen May 2016 Ownership structure New holding structure after Existing holding structure acquisition of 60.0% interest CapitaLand Mitsubishi CapitaLand CapitaLand Commercial Estate Asia Trust Commercial Trust 50.0% 10.0% 40.0% 100.0% MSO Trust (1) MSO Trust (1) Note: (1) MSO Trust is a special purpose approved sub-trust that has been accorded tax transparency treatment by the Inland Revenue Authority of Singapore. 7 Proposed acquisition of CapitaGreen May 2016 Highlights of CapitaGreen CapitaGreen, Singapore 8 Property details Description 40-storey Grade A office tower with ancillary retail units Site Area 58,971 sq ft Gross Floor Area 882,681 sq ft Net Lettable Area 703,122 sq ft Committed 92.8% as at 31 Mar 2016 Occupancy Land Tenure Leasehold with balance term of 57 years expiring 31 Mar 2073 Car Park Lots 180 (1) CapitaGreen at 138 Market Street, NPI Yield 3.2% Singapore 048946 TampinesNote: Grande’s Facade (1) Based on CapitaGreen’s annualised 1Q 2016 NPI, revenue occupancy of 77.7% and valuation as at 6 Apr 2016. 9 Proposed acquisition of CapitaGreen May 2016 Centrally located in Singapore’s CBD One George Street > Six Battery Road > < HSBC Building < Raffles Place Interchange Golden Shoe Car Park > (North South Line/ East West Line) Telok Ayer Station> (Downtown Line) < < Downtown MRT (Downtown Line) Capital Tower > < Shenton Way MRT (Thomson East Coast Line) Operational in 2021 Tanjong Pagar MRT> (East West Line) < Twenty Anson 10 Environmentally sustainable design and high quality specifications Column-free floor plate of approx 22,000 sq ft Floor to ceiling height: 3.2m Core to window depth: ~10m to 16m Wind scoop/Cool Void • Draws in cooler air from higher altitudes and directs cool fresh air to office floors via the Cool Void Double skin facade • Reduces heat gain by up to 26% 11 Proposed acquisition of CapitaGreen May 2016 Accolades Best Tall Building in Asia Best Office and Business and Australasia Development category Council on Tall Buildings Bronze and Urban Habitat MIPIM Asia Building Information Modelling Green Mark Universal Design Mark Award (Project Category) Platinum Platinum Platinum Building and Construction Building and Construction Building and Construction Authority, Singapore Authority, Singapore Authority, Singapore 12 Proposed acquisition of CapitaGreen May 2016 Well spread lease expiry profile with no leases due prior to 2018 Avoids the large, new supply in the Singapore office market completing in 2016 and 2017 37% 31% 35% 24% 23% 26% 13% No leases expiring from 2016 to 2017 11% 2016 2017 2018 2019 2020 2021 and beyond Committed Monthly Gross Rental Income Committed Net Lettable Area 13 Proposed acquisition of CapitaGreen May 2016 (1) Diverse tenant business mix at CapitaGreen Majority of tenants from the Insurance, IT, Energy and Commodities, and Banking and Financial sectors Legal, 2% Manufacturing and Distribution, 1% Education and Food and Beverage, Services, 3% 1% Real Estate and Property Services, 5% Banking, Insurance and Financial Energy and Services, 47% Commodities, 20% Comprising: Insurance - 26% Financial Services - 11% Banking - 10% IT, Media and Telecommunications, Note: 21% (1) Based on net lettable area of leases committed at CapitaGreen as at 31 Mar 2016. 14 Proposed acquisition of CapitaGreen May 2016 Call Option Conditions and Proposed Funding CapitaGreen, Singapore 15 Key conditions in call option agreement Total development cost S$1.3 bil (lower than budget of S$1.4 bil) Hurdle Price Based on actual costs incurred since commencement of development in 2011 less net income received and compounded at 6.3% p.a. The hurdle price was computed as S$1,585.8 mil as at 6 Apr 2016(1). Agreed value based on S$1,600.5 mil (S$2,276 psf) market valuation (2) as at 6 Apr 2016 Based on average of: CBRE S$1,599.0 mil (S$2,274 psf) Knight Frank S$1,602.0 mil (S$2,278 psf) To exercise call option Market valuation must be equal to or exceed hurdle price of S$1,585.8 mil as at 6 Apr 2016(1) Notes: (1) Notice was issued to JV partners on 6 Apr 2016 to start the process of exercising the call option. (2) Valuation of CapitaGreen as at 31 December 2015 was S$1,587.0 mil (S$2,253 psf) by CBRE. 16 Proposed acquisition of CapitaGreen May 2016 Market valuation by independent valuers as at 6 Apr 2016 Based on Capitalisation Approach and Discounted Cash Flow Analysis Based on leasehold of 57 years Valuer Total Valuation Capital values (S$ m) (S$ psf) CBRE 1,599.0 2,274 Knight Frank 1,602.0 2,278 Average 1,600.5 2,276 (1) Assumptions by independent valuers: Capitalisation rate: 4.15% Terminal yield: 25 bps above capitalisation rate Discount rate: 7.25% Average market rent growth: 3.85% p.a. (over a 10-year period) Note: (1) Assuming a 99-year leasehold land tenure, the value of CapitaGreen is estimated to be approximately S$2,700 psf by CBRE and Knight Frank. 17 Proposed acquisition of CapitaGreen May 2016 Valuation comparables CapitaGreen’s valuation is comparable to CCT Grade A buildings taking into account location, land tenure, age of building, etc S$ psf NLA 2,748 2,258 2,253 2,276 1,774 Six Battery Road One George Street Capital Tower CapitaGreen CapitaGreen (999-year) as at 31 Dec 2015 as at 6 Apr 2016 Note: (1) Valuation as at 31 Dec 2015 unless otherwise indicated. 18 Proposed acquisition of CapitaGreen May 2016 Total acquisition outlay of approximately S$393 mil CCT will also assume the remaining 60.0% of MSO Trust’s bank loan which amounts to S$534.0 mil S$ million Agreed Value of CapitaGreen (100.0% basis) 1,600.5 Adjusted NTA of MSO Trust Units (100.0% basis) 305.6 Purchase Consideration (60.0% of Adjusted NTA) 183.4 Repayment of MSO Trust’s unitholders’ loans and accrued 198.5 interest to CapitaLand and Mitsubishi Estate Asia Acquisition Fee (1) 9.6 Acquisition Related Expenses 1.5 Total Acquisition Outlay 393.0 Note: (1) Acquisition fee is computed based on 1.0% of the property value.
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